Argan (NYSE:AGX) Director Sells $67,494.00 in Stock

Argan, Inc. (NYSE:AGX) Director William Leimkuhler sold 200 shares of the stock in a transaction that occurred on Tuesday, December 23rd. The shares were sold at an average price of $337.47, for a total value of $67,494.00. Following the sale, the director owned 900 shares of the company’s stock, valued at approximately $303,723. The trade was a 18.18% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Argan Stock Down 1.4%

AGX traded down $4.57 during trading on Monday, reaching $320.58. 201,245 shares of the company’s stock were exchanged, compared to its average volume of 411,501. The company has a market capitalization of $4.45 billion, a P/E ratio of 37.76 and a beta of 0.60. The business has a 50 day moving average price of $328.91 and a 200 day moving average price of $267.37. Argan, Inc. has a fifty-two week low of $101.02 and a fifty-two week high of $399.30.

Argan (NYSE:AGX) last issued its earnings results on Thursday, December 4th. The construction company reported $2.17 EPS for the quarter, beating the consensus estimate of $1.82 by $0.35. Argan had a net margin of 13.11% and a return on equity of 31.38%. The company had revenue of $251.15 million for the quarter, compared to the consensus estimate of $251.50 million. During the same quarter in the previous year, the company earned $2.00 EPS. The firm’s revenue for the quarter was down 2.3% compared to the same quarter last year.

Argan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 30th. Investors of record on Thursday, January 22nd will be issued a dividend of $0.50 per share. The ex-dividend date is Thursday, January 22nd. This represents a $2.00 dividend on an annualized basis and a yield of 0.6%. Argan’s payout ratio is currently 23.56%.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Aster Capital Management DIFC Ltd bought a new position in shares of Argan during the 3rd quarter valued at approximately $25,000. Danske Bank A S bought a new position in Argan in the 3rd quarter worth about $27,000. Accredited Wealth Management LLC bought a new stake in Argan during the third quarter valued at approximately $32,000. National Bank of Canada FI lifted its stake in Argan by 26.7% during the third quarter. National Bank of Canada FI now owns 147 shares of the construction company’s stock worth $40,000 after purchasing an additional 31 shares during the last quarter. Finally, Palisade Asset Management LLC purchased a new stake in Argan in the third quarter worth approximately $41,000. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on AGX. Lake Street Capital cut shares of Argan from a “buy” rating to a “hold” rating and raised their price target for the stock from $260.00 to $325.00 in a research note on Friday, December 5th. UBS Group set a $315.00 target price on shares of Argan in a research note on Monday, October 13th. Glj Research upgraded shares of Argan from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $251.00 to $369.00 in a research note on Monday, November 10th. Zacks Research raised Argan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, December 11th. Finally, The Goldman Sachs Group initiated coverage on Argan in a report on Tuesday, November 11th. They issued a “buy” rating and a $397.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $355.20.

Argan Company Profile

Argan, Inc (NYSE: AGX) is a holding company that provides professional technical and management services to the power generation and renewable energy industries. Through its wholly owned subsidiaries, the company delivers engineering, procurement and construction management (EPCM), commissioning and operations and maintenance (O&M) services for a broad range of energy facilities. Argan focuses on projects for utility, industrial and municipally owned clients, helping to bring efficient thermal and renewable energy plants into operation and maintain optimal performance over the asset life cycle.

The company’s principal subsidiaries include Gemma Power Systems, which specializes in turnkey construction of combined-cycle, simple-cycle, cogeneration and renewable energy plants; Atlantic Projects Company, which provides electrical balance-of-plant, control systems, instrumentation and commissioning services; and Infrastructure Solutions, which offers industrial maintenance, outage support and modification services.